REGISTERED NUMBER: 01933790 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Michael Smith Switchgear Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S M Smith

E K Smith

REGISTERED OFFICE:

4 Elland Road

Braunstone Frith Industrial Estate

Leicester

Leicestershire

LE3 1TU

REGISTERED NUMBER:

01933790 (England and Wales)

AUDITORS:

Hancock & Hastings Limited

Statutory Auditor

Suite 2 Ashton Square Business Centre

22 Aston Square

Dunstable

Bedfordshire

LU6 3SN

FIXED ASSETS

Tangible assets

4

168,260

222,307

CURRENT ASSETS

Stocks

601,562

628,124

Debtors

5

1,050,109

1,074,445

Cash at bank and in hand

465,010

492,631

2,116,681

2,195,200

CREDITORS

Amounts falling due within one year

6

962,266

1,229,051

NET CURRENT ASSETS

1,154,415

966,149

TOTAL ASSETS LESS CURRENT LIABILITIES

1,322,675

1,188,456

PROVISIONS FOR LIABILITIES

39,213

50,817

NET ASSETS

1,283,462

1,137,639

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Capital redemption reserve

9,000

9,000

Retained earnings

1,273,462

1,127,639

SHAREHOLDERS' FUNDS

1,283,462

1,137,639

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

E K Smith - Director

1.	STATUTORY INFORMATION

Michael Smith Switchgear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The directors are required to prepare these financial statements on a going concern basis unless it is inappropriate to presume the company will continue in business. In satisfaction of this responsibility, the directors have considered the company's ability to meet its liabilities as they fall due for the period of at least twelve months from the signing date of

the financial statements.

The directors did not identify any uncertainty that cast significant doubt about the ability of the company to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

162,740

242,131

404,871

Additions

-

22,675

22,675

Disposals

-

(107,994

)

(107,994

)

At 31 December 2024

162,740

156,812

319,552

DEPRECIATION

At 1 January 2024

74,637

107,927

182,564

Charge for year

17,600

31,306

48,906

Eliminated on disposal

-

(80,178

)

(80,178

)

At 31 December 2024

92,237

59,055

151,292

NET BOOK VALUE

At 31 December 2024

70,503

97,757

168,260

At 31 December 2023

88,103

134,204

222,307

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

946,385

1,012,130

Other debtors

103,724

62,315

1,050,109

1,074,445

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

16,667

Finance leases

-

18,799

Trade creditors

432,949

766,417

Taxation and social security

414,332

221,570

Other creditors

114,985

205,598

962,266

1,229,051

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

-

16,667

Finance leases

-

18,799

-

35,466

Santander UK PLC holds fixed and floating charges and a negative pledge over the company's property and undertakings. A copy of the charge is filed at Companies House.

Finance lease liabilities are secured against the assets to which they relate.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

500

Ordinary C

£1

500

500

500

Ordinary D

£1

500

500

1,000

1,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The comparative figures for the year ended 31 December 2023 were unaudited and are based on the unaudited financial statements for that year. Accordingly, we do not express an opinion on those comparative figures.

Amy Claire Hancock (Senior Statutory Auditor)

for and on behalf of Hancock & Hastings Limited

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £93,538 (2023: £127,643). Contributions totalling £8,124 (2023: £7,203) were payable to the fund at the reporting date and are included in creditors.

11.	ULTIMATE CONTROLLING PARTY